Nykredit A S Purchases Shares of 91,331 Devon Energy Corporation $DVN

Nykredit A S purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 91,331 shares of the energy company's stock, valued at approximately $3,774,000.

Several other hedge funds have also recently made changes to their positions in DVN. Wellington Management Group LLP boosted its holdings in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after buying an additional 41,581,435 shares in the last quarter. BlackRock Inc. increased its stake in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. Bank of America Corp DE bought a new stake in Devon Energy in the second quarter valued at $421,226,000. GQG Partners LLC acquired a new position in shares of Devon Energy during the second quarter valued at about $402,558,000. Finally, Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock valued at $233,953,000 after purchasing an additional 6,097,658 shares during the period. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. The trade was a 8.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Clay M. Gaspar acquired 3,913 shares of the company's stock in a transaction on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Capital One Financial reduced their target price on Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, June 2nd. Truist Financial increased their price target on Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Raymond James Financial raised their price objective on Devon Energy from $64.00 to $67.00 and gave the company a "strong-buy" rating in a research note on Monday, September 14th. Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research report on Saturday, September 5th. Finally, JPMorgan Chase & Co. lowered their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.76.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.92 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $51.61 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 1.29 and a beta of 0.37. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The firm's 50-day simple moving average is $46.48 and its two-hundred day simple moving average is $46.22.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company's revenue was up 73.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 EPS. As a group, equities analysts forecast that Devon Energy Corporation will post 5.27 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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